Looking to purchase a short sale?

Are short sales bargains?

Occasionally. Many people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the "bargain" price may in fact be in line with true market values rather than below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a knowledgeable REALTOR^® from Bret Mundy Real Estate LLC to assist you with researching a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you decide how much to offer.

• Use a real estate professional with short sale expertise. Bret Mundy Real Estate LLC can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Bret Mundy Real Estate LLC, when I write an offer, I will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.